Update: India investigating four tire makers for alleged cartel activities

Mumbai, India – Four tire makers have confirmed that they are under investigation by the Competition Commission of India (CCI) on suspicion of anti-trust violations.

Indian tire makers Ceat, Apollo and MRF announced the investigations in separate notes to the Mumbai Exchange, confirming media reports that their sites were searched by the authority on 30 March.

As reported by the Frankfurt Stock Exchange, German-headquartered Continental AG also confirmed 31 March that its site in Faridabad, India had been visited by anti-trust officials.

The Hanover-based manufacturer did not provide details “due to ongoing investigations.”

Separately, in a 31 March statement to the BSE Stock Exchange, Apollo said it was “fully cooperating” with the anti-trust regulator’s investigation and had provided all the details required.

“We are of the firm view that we have acted and will continue to act in compliance with the competition laws,” said the filing.

Also confirming the investigation, Ceat said it was ‘fully cooperating’ and stressed that it had never “indulged in nor was part of any cartel, nor undertook any anti-competitive practices.”

In a notice filed with BSE on 1 April, MRF also said that competition authorities visited its premises on 30 March and that the tire maker was “fully cooperating”.

The statements by the tire makers came a day after a news report by Reuters which claimed that the anti-trust authority had raided the offices of the companies in multiple Indian cities.

Citing informed sources, the Reuters report said the case was related to an investigation into “the use of unfair practices and rigging of bids while supplying tires for public transport vehicles in the northern state of Haryana.”

According to German news agency DPA, the premises of Continental in Farbidabad, Apollo Tires in Gurgaon, Ceat in Mumbai and MRF in Chennai were searched.